VenturEast Proactive Fund

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_x000C_The proposal is to make an equity investment of up to $15 million, not to exceed 15% of total commitments in VenturEast Proactive Fund (the Fund). The Fund, with a target size of $100 million, will invest in equity and equity-linked minority stakes in early-stage small and medium enterprises (SME) in India. Its target industries will include enterprise solutions, consumer internet, global IT products and Research & Development (R&D) outsourcing. The Fund’s objective is to achieve superior long-term capital appreciation with a target net IRR of 30% in local currency for onshore investors and a U.S. Dollar net IRR of 20% for offshore investors. This will be achieved through pro-active involvement in the structuring and management of investee companies to enhance their value. The Fund will be managed by VenturEast Fund Advisors (the Manager), a legal entity established by APIDC Venture Capital Limited (APIDC VC), a fund management company.